RBI cancels licence of Yeshwant Sahakari Bank Ltd.
Case Brief
The Reserve Bank of India has cancelled the licence of Yeshwant Sahakari Bank Ltd., Mumbai, Maharashtra. The cancellation prevents the bank from carrying on banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies). The bank is therefore not permitted to accept public deposits or allow withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of Yeshwant Sahakari Bank Ltd., Mumbai, Maharashtra, to carry on banking business. As a result, the bank is precluded from transacting banking business as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a full operating prohibition and is severity 5 under the rubric.
The bank must stop banking operations covered by its licence, including taking deposits and permitting withdrawals. Depositors and other customers are directly affected because routine banking transactions can no longer be carried out through the bank.
Published as Yeshwant Sahakari Bank Ltd.
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